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Terms in a promissory note
Posted on 10/15/11 at 10:31 am
Posted on 10/15/11 at 10:31 am
Any banking gurus surfing this morning?
I received an assignment in my commercial paper class that requires me to "reverse engineer" a promissory note from the following information in a suit on note (all information is fictitious):
Note Date: 7-23-2134
Principal amount: $1831.50
Interest terms: "note bears interest at the rate of 24% per annum from maturity date until paid, together with 8% interest beginning one year after maturity date until paid.
Acceleration clause: yes (failure to pay any installment when it becomes due shall immediately mature the note in its entirety)
Also provides for 25% additional on the principal and interest as attorneys' fees in the case of such event.
Is this even possible to create?
thanks in advance/
I received an assignment in my commercial paper class that requires me to "reverse engineer" a promissory note from the following information in a suit on note (all information is fictitious):
Note Date: 7-23-2134
Principal amount: $1831.50
Interest terms: "note bears interest at the rate of 24% per annum from maturity date until paid, together with 8% interest beginning one year after maturity date until paid.
Acceleration clause: yes (failure to pay any installment when it becomes due shall immediately mature the note in its entirety)
Also provides for 25% additional on the principal and interest as attorneys' fees in the case of such event.
Is this even possible to create?
thanks in advance/
2
Posted on 10/16/11 at 6:58 pm to Litigious Tiger
Sounds pretty simple. Google up some promissory note forms and plug in figures from web amortization calculator
Posted on 10/17/11 at 9:34 am to Litigious Tiger
quote:
Interest terms: "note bears interest at the rate of 24% per annum from maturity date until paid, together with 8% interest beginning one year after maturity date until paid.
Acceleration clause: yes (failure to pay any installment when it becomes due shall immediately mature the note in its entirety)
you're gonna wanna check 9:3503 et seq. re maximum allowable rates.
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